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OpSec Security: management confident
Posted 03/12/09
The supplier of anti-counterfeiting technologies and services recently announced interim results for the six months ended 30th September 2009. Plenty of cash on the balance sheet to reassure!
Group revenue was down by 14% due to general economic conditions and prior year loss of significant tax stamp contract. Adjusted Operating Profit was reduced to £645,000 from £1,158,000 as the impact of lower revenue was partially offset by significant cost saving programmes. The result after taxation was a loss of £358,000 (2008: profit of £217,000).
Cash on the balance sheet as at 30th September 2009 amounted to £2,716,000 (2008: £2,771,000) so plenty to reassure.
OpSec Security Group provides anti-counterfeiting technologies, services and software to over 200 companies across industry sectors and over 50 governments worldwide. The Group operates manufacturing facilities and laboratories in the USA and the UK, and has sales operations in the Americas, Europe, and Asia.
The group’s brand protection team continues to win new customers and currently consumer spending appears stable. ID Solution’s traditional bias is towards a stronger second half and is expected to be reinforced by the conversion of some of its present sales pipeline, whilst bank note and high security is expected to benefit from higher sales to Eastern Europe and a number of new business wins.
The overall operational performance going forward should also be further significantly enhanced by the benefits arising from the restructuring of US operations and increased volumes of production within our UK facilities.
It is difficult for the company to predict major new contracts but known volumes of potential new business and the benefits that are arising from the restructuring of US facilities lead management to currently be confident that they will see significant improvements in operations.
This entry was posted 2 years, 2 months ago and was filed under OpSec Security Group.
